Business News
X-RITE ANNOUNCES RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
Tuesday 04. November 2008 - Investors vote in favor of both proposals
X-Rite, Incorporated (NASDAQ: XRIT) today announced it has received approval for the two proposals presented to shareholders at the special meeting held today at the offices of McDermott Will & Emery LLP, in Chicago, Illinois.
At the special meeting, shareholders approved the following two proposals:
Proposal 1 The issuance to OEPX, LLC, a Delaware limited liability company managed by One Equity Partners, and to Sagard Capital Partners, L.P. and Tinicum Capital Partners II, L.P., Tinicum Capital Partners II Parallel Fund, L.P. and Tinicum Capital Partners II Executive Fund L.L.C. of an aggregate of 46,904,763 shares of the Companys common stock, in exchange for an aggregate purchase price of $155 million in cash.
Proposal 2 The approval of the X-Rite, Incorporated 2008 Omnibus Long Term Incentive Plan.
“I am pleased by the support of our shareholders in voting in favor of our proposals,” said Thomas J. Vacchiano Jr., Chief Executive Officer for X-Rite. “These approvals bring us one significant step closer towards the completion of the capital raise and amending the first and second lien credit agreements.”
X-Rite plans to proceed quickly towards closing the capital raise and amending the first and second lien credit agreements.